DAF News

Official figures ignore almost three out of every four insolvent households

New regional insolvency figures are missing the true scale of debt in households up and down the country, according to national debt charity Debt Advice Foundation.  An analysis of calls to the charity’s helpline show that for every Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA) and Bankruptcy in 2011, there were almost three more households with less coming in than going out.

Debt Advice Foundation runner-up in prestigious national awards

Debt Advice Foundation was delighted to be named a finalist in this year’s Credit Today Awards – the first time the charity has entered what are seen as the most significant awards for all those working in and around the credit industry.

Our success, in the Money Advice Initiative category, was acknowledgement of our education programme, which is focused on a ground-breaking peer-to-peer schools financial education project developed with Southlands High School in Chorley, Lancashire.

Debt charity warns downward trend in personal insolvencies could reverse

Latest figures from the Insolvency Service show that there has been a decline of just over one per cent in personal insolvencies in the first quarter of 2012, compared with the last three months of 2011.  However Debt Advice Foundation has warned of worrying signs that this trend could be set to reverse.

Debt Advice Foundation supports new Youth Contract scheme

A new Government initiative designed to help young unemployed people into work is being supported by Debt Advice Foundation.  The Youth Contract, which launched at the beginning of April, will provide nearly half-a-million new opportunities for 18-24 years olds, including apprenticeships and voluntary work experience placements.

Debt Advice Foundation financial education project in national awards final

We are delighted to confirm that we have been chosen as a finalist in this year’s Credit Today Awards, Money Advice Initiative category. 

More than 180 entries were submitted for the 22 categories in the Awards, which showcase best practice across the UK loans and debt services industry. 

Stricter OFT debt management guidelines welcomed

Debt Advice Foundation has welcomed the announcement of new, stricter debt management advice guidelines by the Office of Fair Trading. 

In addition to tougher enforcement action, the OFT has also set out examples of “unfair or improper practices” and has said it expects companies to refer clients to not-for-profit advice organisations if they need further help.

Three-Quarters Of Complaints Against Payday Lenders Upheld By Ombudsman

Debt charity Debt Advice Foundation is warning consumers of the dangers of taking out payday loans after new data from the Financial Ombudsman Service revealed they topped the table for the percentage of complaint decisions made in favour of the consumer.

In the last three months of 2011, almost three quarters of complaints about payday loans were upheld. The Financial Ombudsman Service received 75 new complaints about payday loans from October to December last year – 25% more than they received for the whole of 2010/11.

Former Insolvency Service Director Is New Debt Advice Foundation Trustee

Karol Sanderson, a former Director of Enforcement at the Insolvency Service, has joined Debt Advice Foundation as a trustee. A former Official Receiver, Karol has more than 30 years’ experience in the field of insolvency and debt, dealing with the administration of bankruptcies and company liquidations, investigations and policy matters.

Karol is currently also an independent member of the Greater Manchester Police Authority and Chair of the Admissions & Licensing Committee of the Institute of Legal Executives.

Debt Advice Foundation Helps The Sun's Readers

With payday loans very much in the national spotlight at present, The Sun’s SunWoman section put together a comprehensive article demonstrating just how quickly this type of credit can spiral into unmanageable debt.

SunWoman also wanted to offer their readers a dedicated helpline on the day, which is how two members of Debt Advice Foundation team found themselves in the midst of the Sun’s editorial floor, fielding calls from Sun readers on what turned out to be a wide range of debt issues.

MPs United In Call For Financial Education To Be Part Of The National Curriculum

Debt Advice Foundation has warmly welcoming today’s (15 December) debate in the House of Commons which called for financial education to be included in the national curriculum to help address the "national problem of irresponsible borrowing and personal insolvency".

A detailed report was also published ahead of the debate.